Mindspace REIT Q2 FY27 NOI Rises 32% to ₹836 Crore

Mindspace Business Parks Real Estate Investment Trust (REIT) reported a 31.9% year-on-year increase in net operating income (NOI) to approximately ₹836 crore in the second quarter of financial year 2026-27 (Q2 FY27).

The trust’s performance was supported by leasing activity, rental growth and portfolio expansion. Its NOI in the corresponding quarter of the previous fiscal stood at ₹634 crore.

Income and Profit Increase in Q2 FY27

Mindspace REIT’s net consolidated total income rose 30.1% to ₹1,028.43 crore in Q2 FY27, compared with ₹790.62 crore in Q2 FY26. Net consolidated profit after tax increased to ₹479.18 crore from ₹126.79 crore in the year-ago quarter.

The REIT recorded gross leasing of approximately 1.6 million square feet during the quarter.

Its completed portfolio stood at 37.7 million sq ft, while the development pipeline was approximately six million sq ft.

Distribution of ₹6.67 Per Unit Approved

The board of K Raheja Corp Investment Managers, the manager of Mindspace REIT, approved a distribution of ₹445.15 crore for the quarter, equivalent to ₹6.67 per unit.

The distribution comprises ₹4.17 per unit as dividend and ₹2.50 per unit through repayment of debt at the holding company and special purpose vehicle levels.

The trust’s financial performance and distribution are key indicators for investors tracking commercial real estate REITs and their income-generating office portfolios.

Leasing Activity and Chennai Assets

Mindspace REIT reported committed occupancy of approximately 96.1% on a like-for-like basis, excluding acquisitions completed in the first half of FY27 and Pocharam, an asset held for sale.

The trust signed a lease covering around 0.5 million sq ft at One Radial with a European banking, financial services and insurance (BFSI) global capability centre.

Since acquiring its Chennai assets, the REIT has leased approximately 0.6 million sq ft across the properties.

Committed occupancy stood at around 77.5% at Commerzone Pallikaranai and 75% at One Radial in Chennai.

Mindspace REIT also completed its first redevelopment project in Hyderabad, covering approximately 1.5 million sq ft. The entire space was pre-leased.

Also Read: Accenture Leases 5.84 Lakh Sq Ft Across Mindspace Airoli

Portfolio Value and Net Asset Value

The gross asset value of the portfolio increased 15.9% to approximately ₹55,190 crore.

Net asset value (NAV) per unit stood at ₹565.10 as of September 30, 2026, up 7.2% from ₹527 per unit.

The REIT said NAV per unit has risen cumulatively by 78% since its listing, representing a compound annual growth rate of approximately 10%.

Its loan-to-value ratio remained broadly stable at around 29.1%, while its cost of debt stood at 7.43% per annum.

The portfolio’s mark-to-market potential was approximately 22.8%. During the quarter, the trust acquired around 0.15 million sq ft across Commerzone Yerwada in Pune and Mindspace Madhapur in Hyderabad, taking the space consolidated within its existing business parks to approximately 0.8 million sq ft.

Also Read: Mindspace REIT to Acquire 2.6 Million Sq Ft Office Space in Chennai for ₹2,541 Crore

Key Takeaways

• Q2 FY27 NOI increased 31.9% year-on-year to approximately ₹836 crore.
• Net consolidated total income rose 30.1% to ₹1,028.43 crore and net profit reached ₹479.18 crore.
• The board approved a quarterly distribution of ₹6.67 per unit, totalling ₹445.15 crore.
• Gross leasing reached approximately 1.6 million sq ft, with committed occupancy at 96.1% on a like-for-like basis.
• Portfolio gross asset value increased to approximately ₹55,190 crore, and NAV reached ₹565.10 per unit.

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